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SUMMER INTERNSHIP PROJECT
ON
“CUSTOMER SATISFACTION TOWARDS ADITYA
BIRLA CAPITAL LIFE INSURANCE”
Internship Project report submitted in partial fulfilment of
the requirement for the award of the degree of
MASTEROF BUSINESS ADMINISTRATION
By
Name of the student
Under the Esteemed Guidance of
Industry Supervisor:
Mr. Atul Tiwari
Faculty Supervisor:
Dr. Lata Bajpai Singh
DEPT. OF MANAGEMENT STUDIES
BABASAHEB BHIMRAO AMBEDKAR UNIVERSITY VIDYA
VIHAR, RAEBARELI ROAD, LUCKNOW-
SESSION:- 2023-
STUDENT’S DECLARATION
I, , Roll No: hereby declare that the Summer Internship Project Report titled “CUSTOMER SATISFACTION TOWARDS BIRLA LIFE INSURANCE” is submitted by me in partial fulfillment of the requirement for the award of the degree of Master of Business Administration under the guidance of (Faculty supervisor Dr. Lata Bajpai Singh (Professor) and (Industry supervisor} Atul Tiwari. I confirm that this Report has not been submitted to any other University or Institution in full or in part for the award of any Degree or Diploma. Place:- Name:- Date:- Signature :-
Babasaheb Bimrao Ambedkar University (A Central University), Lucknow CERTIFICATE This is to certify that AKASH VERMA Roll No 226214 worked under my supervision for the Project Report titled “CUSTOMER SATISFACTION TOWARDS BIRLA LIFE INSURANCE” during the academic year 2023, in partial fulfilment of the requirement for the award of the degree of Master of Business Administration. Signature of the Student Signature of Faculty Supervisor Signature of the HOD
ACKNOWLEDGEMENT Like most effective endeavours, preparing this project was a collaborative effort. I owe a great debt to many individuals who helped me in successful completion of this project. I would not have completed this journey without the help, guidance and constant support and co-operation of certain people who acted as guides and friends along the way. I would like to express my deepest and sincere thanks to Dr. Lata Bajpai Singh (Professor) Department Of Management Studies for their invaluable guidance and help. It would never have been possible for me to take this project to this level without their innovative ideas and their relentless support and encouragement. In this connection I would like to express my gratitude to my parents and friends who were constant source of inspiration during the project report. At last I thank to Almighty for giving me the power to complete this project successfully. AKASH VERMA MBA 2nd^ Year, 3rd^ Semester ROLL NO- 226214
be grounded in fact. One of the top sources of thoughtful and reliable investor feedback is Investor Perceptions. IP provides an unbiased viewpoint on how investors and major underweight institutions assess a business, its leadership, and its future prospects. An insurance contract stipulates that a certain amount of money will be paid to the person who is insured, or in the event that he is not, to the person who is entitled to receive it should a specific event occur. Death is an inevitable part of living. This danger is what makes some kind of insurance against the monetary loss resulting from death necessary..
TABLE OF CONTENT Serial No. Topic Page No. 1 INTRODUCTION 8- 2 COMPANY PROFILE 31- 3 OBJECTIVE OF THE STUDY 67 4 RESEARCH METHODOLOGY 68- 5 DATA ANALYSIS AND INTERPRETATION 73- 6 FINDINGS 87- 7 LIMITATIONS OF STUDY 89- 8 CONCLUSION 91- 9 BIBLIOGRAPHY 93 10 QUESTIONNAIRE 94-
The truth is that everything has an impact on how a buyer perceives your brand, including the colors and forms you choose for your logo and how you arrange your product on a shelf. Even seemingly unimportant factors that are outside your control, like the time of day a customer engages with your business, have an impact on how they see you. When they encounter your products and your specialty at one point in the day, your clients may have a favorable opinion of you, but at another time of day, they may have a negative one. The colors and shapes you choose for your logo and the way you display your goods on a shelf, in fact, affect how a customer feels about your brand. The time of day a consumer interacts with your business, for example, may appear insignificant and be outside of your control, yet it has an effect on how they see you. Your customers might think well of you at one point during the day when they see your products and your area of expertise, but at another time of day, they might think poorly of you The phrase "customer satisfaction," which is sometimes shortened to "CSAT," is widely used in marketing. It is a gauge of how well a company's goods and services meet or exceed the expectations of its clients. Customer happiness is described as "the number of customers, or percentage of total customers, whose reported experience with a firm, its products, or its services (ratings) exceeds specified satisfaction goals." It is in the best interest of the company to guarantee customer happiness and foster customer loyalty because customers are crucial to the ongoing relevance of a good or service. 2.1 Aditya Birla Life Insurance
Aditya Birla Life Insurance AdityaCompany Limited is a collaborative effort between BNP Paribas Assurance and the State Bank of India. With a paid-up capital of Rs crores with a 2000 crores authorized capital, Aditya Birla Life Insurance is registered. Of the total capital, SBI owns 74%, with BNP Paribas Assurance holding the remaining 26%.In India, State Bank of India holds the largest banking franchise. The SBI Group has an unparalleled strength with over 14,500 branches nationwide—possibly the largest in the world—along with its 7 Associate Banks.The leading bank in the Euro Zone, BNP Paribas, has a life and property and casualty insurance division called BNP Paribas Assurance. One of the oldest international banks in India, BNP Paribas has been operating in the country since 1860. It is ranked among the top six banks in the world by market value and is a leader in global banking and financial services in Europe. With more than 50 million customers, BNP Paribas Assurance is the fourth-biggest life insurance provider in France and a global pioneer in creditor insurance products. Primarily using the banc assurance and partnership model, BNP Paribas Assurance conducts business in 41 countries. The distinctive multi-distribution model of Aditya Birla Life Insurance includes Group Corporate, Agency, and Banc assurance. Aditya Birla Life Insurance makes considerable use of the SBI Group as a channel for cross-selling insurance policies in addition to its wide range of banking product packages, which include personal and home loans. With SBI's access to more than 100 million accounts nationwide, the government can ensure real financial inclusion by providing a robust foundation for insurance penetration across all regions and economic strata. HISTORY The history of insurance is extensive.Since the beginning of time, when we were not even born, man has looked for a means of defense against the unforeseen disasters of nature. Insurance originated from man's innate desire to protect himself against risk and uncertainty. Insurance first arrived in India in 1818 when the Oriental Life Insurance Corporation was founded in the United Kingdom.The first legislative authority to begin regulating the life insurance industry in India was the Indian Life Insurance Company Act of 1912. Approximately 154 Indian, 16 foreign, and 75 provident enterprises have been founded in India by 1956. The LIC was established after the national government assumed control of these businesses. Since then, LIC has made an effort to expand life
Given India's massive population and unexplored market, the insurance industry presents a significant opportunity. As of right now, the company is expanding between 15 and 20 percent a year. When combined with banking services, it raises the GDP of the nation by almost 7%.Despite all of this expansion, the nation's insurance penetration rate is still quite low. Approximately 80 percent of Indians do not have health or life insurance. This suggests that India's insurance industry has enormous growth potential. This enormous expansion led to the introduction of rules in the insurance sector, and in 1993, the 14 Government established the "Malhotra Committee" to investigate the different facets of the business. The involvement of foreign insurance companies with a capital of 26% was a crucial component of the reform process. The primary goal of this reform was to establish a financial system that was more competitive and efficient while still meeting the needs of the economy. Since then, there have been numerous profound developments in the insurance sector. These businesses began to compete with LIC, endangering LIC's continued survival. The insurance sector in India has experienced constant growth and expansion since the industry was liberalized, making it one of the most dynamic and competitive sectors in the country today. These days, the focus is on the rise in the usage of the new distribution and the arrival of private companies. Over time, the industry's reach has expanded due to the use of new IT tools and distribution methodologies. Introduction To The Industry In 1999, the insurance industry was deregulated to allow private companies to enter the market. The Indian insurance market has enormous potential, with the highest number of life insurance contracts in place and an annual growth rate of 24.31 percent. The Insurance Regulatory and Development Authority (IRDA) Bill, which ended the government monopoly and lifted entry barriers for private companies while permitting foreign players to enter the market with certain restrictions on direct foreign ownership, brought about a revolution in the Indian insurance sector in 1999. The CSO estimates that the GDP of the nation is contributed by the banking and insurance industries by 7.1%, of which a sizeable portion is derived from gross premium collection. Before 1990–91, less than 1% of Indians had life insurance.It was between one and two percent throughout the 1990s and more than two percent starting in 2001. It was 2.4 percent in 2003–04. In 2007–08, that percentage was 14%.The IRDA's proactive role in granting private players licenses and encouraging public knowledge of insurance is what is driving the increase.
Additionally, through vigorous campaigns, insurance companies—private and commercial—are attempting to tap into the unrealized potential in rural areas. Thanks to creative products, astute marketing, and forceful distribution, upstart private insurance firms have been able to enroll Indian clients more quickly than anyone could have predicted. People see life insurance as a way to save money on taxes. Nowadays, people are looking to the private sector to give them access to new products and a wider range of options.The impact of recent attempts to foster FDI and to encourage the adoption of new technology and management techniques was reflected in the improvement in FDI flows. International insurance businesses now have higher expectations after the government proposed raising the foreign direct investment (FDI) quota in the insurance sector from the current 26 percent to 49 percent.. Regulatory Body: The Insurance Regulatory And Development Authority (Irda) The final attempt to establish a regulatory institution after much action and consideration was the Insurance Regulatory and Development institution (IRDA). On whether the body would be established, there was much discussion. Ultimately it was decided that formation of this would be a necessity if there were private sector participation as well as foray of foreign players. Private sector/Foreign player participation would make our nationalised insurance sector weak. However, after a lot of debate on Dec’7, 1999, the Insurance Regulatory & Development Authority Act was passed in the parliament.. The IRDA determined that businesses operating in both the life and non-life sectors would require paid-up equity capital of Rs. 100 crores. The paid-up capital for the reinsurance firm should be Rs. 200 crore. The firms Act of 1956 governs the formation and registration of all insurance firms. The paid up capital for a foreign player would be twenty-six percent. Every registered insurance company is required to maintain a deposit with the RBI of Rs. 10 crores, which may be made in approved securities or cash. Alternatively, a deposit with the RBI may be maintained equal to 1% of the gross direct premium for life
insurance industry is expected to surpass USD 160 billion in the next ten years following the relaxation of FDI regulations (IBEF). Launch of PMJJBY The government of India launched the Pradhan Mantri Jeevan Jyoti Bima Yojana (PMJJBY) with the goal of providing insurance coverage to everyone. For a premium of approximately 330 per year per subscriber, this program offers all savings bank account holders in the 18 to 50 year age range a renewable one-year life cover of ~ 2 lakh, covering death due to any reason. Boost in Pension Segment In an effort to encourage pension products, the government has lowered the service tax on single premium annuity insurance from the current 3.5% to 1.4% as of April 1, 2016. Health Protection Scheme The Union Budget 2016–17 included a proposal for a new health protection program that would provide coverage up to ~1 lakh per family. An extra top-up package worth up to ~30,000 would be given to senior persons. Demographic factors The expanding middle class, the youthful population that can obtain insurance, and the growing consciousness of the need for retirement planning and security will all contribute to the rise of life insurance in India. By 2020, there will be 750 million people in India who are expected to be insured, and the average person's life expectancy would be 74 years. From USD 89 billion in 2000 to USD 397.78 billion in 2015, household savings are predicted to increase. From USD 45 billion in 2000 to USD 202.36 billion in 2015, financial savings are predicted to increase. Moreover, by the end of this decade, life insurance is expected to account for 35% of all savings. Digitalization IRDAI has employed a number of strategies to encourage technology use. Several global efforts that can now be applied in India include functional automation, internet sales channels, and customer service techniques. E-distribution platform is another breakthrough driven by technology that will assist in decreasing the time and effort
needed to scale up. This will expand the insurance that are sold online, which will lower commission costs, automate administrative tasks, and improve client satisfaction. Life Insurance Penetration and Density With over 360 million policies, India's life insurance market is among the largest in the world, according to IBEF, and it is projected to grow at a Compound Annual Growth Rate (CAGR) of 12–15% over the next five years. It still has a ways to go in terms of insurance penetration, which is quite low in comparison to the global average. Although comparable laws had previously been in place in Great Britain and some parts of the United States, the first homeowners policy was implemented in the United States in September 1950. Several line statutes were created during the US insurance law reform of the late 1940s, making homeowner's insurance permissible. There were several policies for each risk that could impact a home before the 1950s. It would have been necessary for a homeowner to get separate insurance for things like theft, personal property, and fire damages. Policy forms were devised in the 1950s to enable homeowners to acquire all the insurance they required on a single comprehensive policy. These policies, however, differed depending on the insurance provider and were confusing. A private organization called the Insurance Services Office, or ISO, was established in 1971 to offer risk information and provide a streamlined homeowners policy for resale to insurance companies as a result of the overwhelming need for standardization. The ISO is situated in Jersey City, New Jersey. Over time, these policies have undergone modifications.
TYPES OF INSURANCE Nonetheless, the majority of financial advisors advise us to have life, health, car, and long-term disability insurance. Every single one of these addresses a particular facet of your life and holds significant value for your financial prospects. Life Insurance Taking care of the people you leave behind is the most important reason to have life insurance. If your family depends on your income to cover the expenses, this
It can be challenging to find inexpensive health insurance, especially if you don't have access to an employer-sponsored plan or if you already have a medical condition. The average premium for an employee in an employer-sponsored health care program was approximately $4,100, according to the Kaiser/HRET poll. When co-payments increase, Health insurance has become more of a luxury that fewer people can afford, despite yearly deductibles and reduced coverage; even a basic policy is preferable to none at all. A hospital stay might cost anywhere from $985 to $2,696 each day. It can offer a financial advantage for your hospital stay, even if your coverage is modest. About 48 million Americans lack health insurance while the Washington health care debate rages on. Consult your company about health benefits, and ask any professional associations you are a part of about potential group health insurance. There are many health insurance offerings from AARP if you are over 50. (For additional information, see Purchasing Private Health Insurance.) Long-Term Disability Coverage Since none of us anticipates becoming incapacitated, this is the one insurance that most of us believe we will never need. However, according to data from the Social Security Administration, three out of ten newly hired workers will develop a disability that prevents them from working until they reach retirement age. 12% of people are impaired in some way right now, and almost half of those workers are still in their working years. Even employees with excellent health insurance, a sizable nest egg, and a solid life insurance policy never plan for the possibility that they won't be able to return to work for weeks or months at a time. Where does the money come from to cover the everyday expenses that your paycheck does not cover, even when health insurance covers hospital stays and medical bills? These are some stark statistics on disability:
- Reasons for Disability Death is the cause of 2% of all mortgage foreclosures, or nearly 50% of them.
- Not all incapacitating accidents and illnesses are related to work—nearly 90% do not.
- 498 Americans Have Become Disabled in the Last Ten Minutes. Would you have enough money saved up to pay for living expenses if you were hurt and couldn't work for even three months? Think about the financial hardship you may experience if you were to suffer from a serious illness like cancer and were unable to work for more than a year. As part of their benefits package, many businesses provide both short-term and long-term disability coverage. The greatest choice for obtaining reasonably priced disability insurance would be this. Seek out a private insurer if they don't. For assistance in determining the appropriate amount of coverage, AARP provides a very useful disability insurance calculator. The best coverage is one that replaces your income 100%; more common terms are ones that replace 50–60% of your income. Disability insurance premiums are determined by a number of variables, such as health, age, and way of life. The average rate for employer-sponsored or group insurance in 2009 was roughly $ per week, or $238 per year. A tiny sum to pay in the event of a catastrophic illness or injury. When you are unable to work, disability insurance will ensure that you will have some money. AutoInsurance Based on the most recent data available, there were over 10 million traffic incidents in the United States in 2009. Of those accidents, 33,808 people lost their lives in motor vehicle crashes, as reported by the Fatality Analysis Reporting System (FARS). Auto accidents were the leading cause of death for Americans between the ages of 5 and 34. In 2009, emergency rooms treated almost 2. million drivers and passengers, and the total cost of those accidents—including fatalities and catastrophic injuries—was estimated to be close to $70 billion.
- The majority of states have regulations pertaining to financial responsibility in the event of an accident, even though not all of them mandate drivers to carry vehicle insurance. Many states randomly verify drivers' insurance documentation on a regular basis. The penalties for not having insurance vary by state and can include license suspension, points on your record, and fines between $500 and $1,000.
